The brain appears to spend about 4.7 bits per synapse (26 discernible states, given the noisy computation environment of the brain); so it seems to be plenty enough for general intelligence. This could, of course, merely be a biological limit and on silicon more fine-grained weights might be the optimum.

Here is another paper demonstrating very good results with just 6 bit gradients: https://arxiv.org/abs/1606.06160

Almost certainly, and depths would have to increase. Like all series expansions the coefficients on later terms have less and less impact so their dynamic range is less and less important to the final value. But the dynamic range on the initial terms is proportionately important. I expect the dynamic range of the weights will turn out to be logarithmic with respect to overall depth of the network.